Carbon dioxide (CO₂) is a non-toxic asphyxiant gas that, once released, can pose severe risks, including suffocation, poisoning, frostbite, and even death. As a critical component of carbon capture, utilization, and storage (CCUS) technology, CO₂ pipeline transportation requires reliable leakage detection and precise localization to safeguard the environment, ensure pipeline operational safety, and support emergency response strategies. This study proposes an inversion model that integrates wireless sensor networks (WSNs) with the Gaussian plume model for CO₂ pipeline leakage monitoring. The WSN is employed to collect real-time CO₂ concentration data and environmental parameters around the pipeline, while the Gaussian plume model is used to simulate and invert the dispersion process, enabling both leak source localization and emission rate estimation. Simulation results demonstrate that the proposed model achieves a source localization error of 12.5% and an emission rate error of 3.5%. Field experiments further confirm the model’s applicability, with predicted concentrations closely matching the measurements, yielding an error range of 3.5–14.7%. These findings indicate that the model satisfies engineering accuracy requirements and provides a technical foundation for emergency response following CO₂ pipeline leakage.